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Financing Payments Subject To Annual Appropriation THE COLN7 Y'S OBLIGATION TO :~IAKE THE 1998 FINANCING PAYMENTS DUE IN EACH FISCAL YEAR SHALL BE AND RE;~1.-~I\ S1;13JECT TO THE COUNTY'S HAVING DULY BUDGETED AND APPROPRIATED, IN ACCORDANCE WI1H APPLICABLE LAW, FUNDS FOR THE PURPOSE OF PAYING SUCH 1998 FINANCING PAYMENTS. IF, FOR ANY REASON, THE COUNTY FAILS OR REFUSES TO DULY BUDGET AND APPROPRIATE~ IN ACCORDANCE WITH APPLICABLE LAW, FUNDS FOR THE PURPOSE OF PAYING THE 1998 FINANCING PAYMENTS DUE IN ANY FISCAL YEAR, THE AGREEMENT SHALL TERMINATE, THE COUNTY WILL HAVE NO FURTHER OBLIGATION TO MAKE ANY 1998 FINANCING PAYMENTS, AND THE TRUSTEE MAY PROCEED TO FORECLOSE ITS INTEREST IN THE PROJECT UNDER THE MORTGAGE AND ENFORCE ITS RIGHTS AGAINST THE INSURER ~[JNDER THE INSURANCE POLICY. FOLLOWING ANY SUCH TERMINATION OF THE AGREEMENT, NEITHER THE TRUSTEE, THE INSURER NOR THE OWNERS OF ANY CERTIFICATES SHALL HAVE ANY RECOURSE AGAINST THE COUNTY OR ANY ASSETS OR PROPERTIES OF THE COUNTY TO ENFORCE PAYMENT OF ANY UNPAID 1998 FINANCING PAYMENTS OTHER THAN TO FORECLOSE THE LIEN OF THE MORTGAGE ON THE PROJECT. The 1998 Financing Payments are payable from any lawfully available funds of the Counry that the County elects to duly budget and appropriate for such purpose in accordance with applicable law. THE OBLIGATION OF THE COUNTY TO PAY THE 1998 FINANCING PAYMENTS IS NOT A FULL FAITH AND CREDIT GENERAL OBLIGATION OF THE COUNTY AND IS NOT SECURED BY THE PLEDGE OF ANY COUNTY REVENUES OR BY THE TAXING POWERS OF THE COUNTY. THE TRUSTEE, THE INSURER AND THE OWNERS OF THE 1998 CERTIFICATES MAY NOT COMPEL THE COUNTY TO BUDGET AND APPROPRIATE FUNDS, OR TO LEVY ANY TAX OR CHARGE, FOR THE PURPOSE OF PAYING ANY 1998 FINANCING PAYMENTS WHEN DUE. 'The County covenants and agrees in the Agreement that it will include in its proposed budget for each Fiscal Year a line item that budgets and appropriates funds sufficient to pay when due the Financing Payments coming due in such Fiscal Year. However, nothing in the Agreement requires the County Commissioners to approve or adopt any ~, proposed budget that includes a line item that budgets and appropriates funds sufficient to pay when due the Financing Payments coming due in such Fiscal Year. The County Commissioners may, in their sole and absolute discretion, eliminate such line item from any proposed budget prior to the approval and adoption thereof by the County Commissioners, in which event the provisions of the Agreement relating to a"Nonappropriation Event," as described below, shall apply. Remedies Upon County's Failure To Appropriate If, for any reason, the County shall fail or refuse to duly budget and appropriate, in accordance with applicable law, the Financing Payments coming due in any Fiscal Year and such failure or refusal shall continue through the end of the fifteenth day of such Fiscal Year (herein called a"Nonappropriation Event"), then and in any such event: (1) except with respect to Appropriated Financing Payments, the County's obligations to make payments under the Agreement shall cease, terminate and be of no further force or effect; (2) the Trustee shall declare the principal of all unpaid Financing Payments and the interest accrued thereon to be immediately due and payable, whereupon such principal and interest shall become and be immediately due and payable, and the Trustee shall promptly thereafter give notice of such acceleration to the Owners of all Outstanding Certificates of such acceleration in the manner (but not subject to the time limitations) provided for in case of notice of prepayment of the Certificates; provided that no such notice to the Owners need be given as a condition precedent to any such acceleration; (3) if any Certificates secured by a Credit Facility are accelerated as provided above, the Trustee shall: (a) if the Credit Facility provides for payment of all amounts owing under the related ~ Certificates upon such acceleration: 8